Welch Investments LLC lifted its stake in Chevron Co. (NYSE:CVX) by 1.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 42,326 shares of the oil and gas company’s stock after purchasing an additional 558 shares during the quarter. Chevron comprises about 3.4% of Welch Investments LLC’s holdings, making the stock its 8th biggest position. Welch Investments LLC’s holdings in Chevron were worth $5,299,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of CVX. Beach Investment Management LLC. bought a new position in shares of Chevron in the second quarter worth about $2,588,000. Strategic Financial Group LLC raised its stake in shares of Chevron by 2.2% in the second quarter. Strategic Financial Group LLC now owns 9,181 shares of the oil and gas company’s stock worth $958,000 after buying an additional 202 shares during the period. Usca Ria LLC raised its stake in shares of Chevron by 9.5% in the second quarter. Usca Ria LLC now owns 43,215 shares of the oil and gas company’s stock worth $4,509,000 after buying an additional 3,762 shares during the period. Coho Partners Ltd. grew its position in shares of Chevron by 26.9% during the second quarter. Coho Partners Ltd. now owns 1,063,327 shares of the oil and gas company’s stock worth $110,937,000 after purchasing an additional 225,133 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in shares of Chevron by 23.9% during the second quarter. Prudential Financial Inc. now owns 4,325,183 shares of the oil and gas company’s stock worth $451,247,000 after purchasing an additional 835,060 shares in the last quarter. 64.98% of the stock is currently owned by hedge funds and other institutional investors.
CVX has been the subject of several research analyst reports. Vetr cut Chevron from a “strong-buy” rating to a “buy” rating and set a $122.05 target price for the company. in a research report on Monday, February 26th. Royal Bank of Canada set a $110.00 target price on Chevron and gave the stock a “sell” rating in a research report on Wednesday, December 20th. Wells Fargo cut their target price on Chevron from $125.00 to $125.00 and set an “outperform” rating for the company in a research report on Monday, February 5th. HSBC cut Chevron from a “buy” rating to a “hold” rating in a research report on Thursday, January 18th. Finally, Bank of America cut Chevron from a “buy” rating to a “neutral” rating and set a $125.00 target price for the company. in a research report on Thursday, January 4th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $129.79.
Chevron (NYSE:CVX) last announced its earnings results on Friday, February 2nd. The oil and gas company reported $0.73 EPS for the quarter, missing the Zacks’ consensus estimate of $1.27 by ($0.54). The company had revenue of $37.62 billion during the quarter, compared to analysts’ expectations of $38.43 billion. Chevron had a return on equity of 5.22% and a net margin of 6.49%. Chevron’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.22 EPS. research analysts forecast that Chevron Co. will post 6.35 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.12 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.90%. Chevron’s payout ratio is 121.08%.
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Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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